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viewers to understand is the fact that total debt in america is, in fact, the not dproeg. it's a widely spread belief that all debt in america is growing out of control. in reality, the private sector is contracting faster than the government is spending and i think this is reducing the amount of dollars in circulation. when you reduce the supply, you drive up the price. >> very interesting, emil. we're going to leave it there for now and you'll be with us throughout the hour. right now, let's get you caught up on some of the big stories we've been following around the globe. president obama's chances of passing health care reform suffer a major setback as scott brown, republican, wins the senate seat held by ted kennedy in massachusetts. democrats may not have enough time now to resolve differences between the house and the senate health care bill and get new cost estimates before brown is sworn in. that leaves house democrats with the unpalatable option of trying to pass a senate bill that many disagree with. that stinging defeat in the senate comes on the one year anniversary of pres
of america and morgan stanley and the like dragging down stocks? >> i think it is quite likely but certainly our view remains that we're relatively positive for the first half of this year because the core thing which is underpinning markets generally and let's just take the financial sector out of this as a separate item in its own right is the fact that with interest rates on levels that investments in cash is relatively high and we feel that until you begin to see a significant change in the interest rate outlook, the underpinning market is still solid specifically for the first half of this year. >> what about policy running the course. if that gets reversed, there's uncertainty surrounding that. >> yes, i agree. certainly the ending of quantitative easing is an issue everyone will have to adjust to. that's going to be the first phase before we see significant changes in interest rates and i think it's the interest rate movements which are more important with regards to determining the end of the rally or whatever else you might like to call it. >> that's why it's important to look at te
'll be joined we the chief executive of bank of america, brian moynihan. we'll talk to christine lagarde, the french finance minister. we'll be joined by lord mannedelson, amongst a whole host of other guests. we'll be joined by the ceo of china mobile. but before all of that, there's plenty we need to bring you to. christine, over to you. >> hey, ross, good to see you in davos. let's do a quick view where asian markets are trading today. we have earnings in the u.s. are failing to disappoint. they hit some of the tech sector stocks here in asia. of course, we have those concerns about greece and portugal and that seems to be weighing on sentiment, as well. the hang seng off 1.1%. the shanghai market closing down below the key 3,000 level. that's going to be a cross psychological level there. the kospi down 2.4%. the bombay sensex one of the markets on the up side by 0.2%. and the australian market is down by more than 2%. as far as the ftse cnbc global 300 index, this is how the picture is looking. inching higher marginally, 4,341. becky, how are the european markets doing today? >> let
place for the united states of america. >> i will point out the president and vice president will be in florida today as part of the announcement of $8 billion in recovery act money to go toward developing high speed rail. the president vowing not to abandon his health care overhaul despite the loss in massachusetts last week. a lot of people were sleeping in davos when the president was speaking, but i'm sure feedback is starting to trickle in. maria and ross have all the details from davos. >> hey, brian, good to see you. maria is joining us for the next couple of days. and it was 3:00 in the morning, that state of the union speech. but i know you were up watching it. >> i actually did watch it a little bit. i know you did. >> actually, then they repeated it. the president heard the american people's claims and the issue of putting jobs first. a number of people here are talking about that as well as talking about the possibility of future risks. one thing that keeps coming up is the risk of sovereign debt crises around the world. getting into that more to talk about the u.
, in terms of market you say you like asia first followed by america and then europe is last. why are you less bullish on europe? >> overall the big problem with europe is they just have -- it's too restrictive. other places have much more flexibility to try to deal with things. in europe they are very much hampered by the treaty. we've seen warnings about portugal to be the next. we know that spain and ireland are already in trouble and they have to really focus on getting their debt down beyond anyone else. even countries like the u.k. are able to prolong their debt repayment. they don't have to take quite so many measures but because of the rules of the treaty, the countries in europe and these are particularly the smaller economies that are struggling the most, they'll have to take much more severe measures to get their deficit down to comply with the rules and that will choke off a recovery much more than it will do in those economies that have greater flexibility. >> you look at a country like japan with fiscal death ballooning, is that a country you're concerned about? >> japan is
. we may look like america, but we're not going to let this get this much out of hand. i think it's just as much out of hand, by the way. but this is going to go on. it's going to be the big story of the year that china's credit bubble is going to come from abdomen end. >> is an actual hate hike from china just around the corner, you think? >> china has always a huge range of actions it can take. it can whisper in the banker's ear not to lend so much to their favorite tycoons and property builders and it has immediate effects. it can impose admin strarve factors, it can raise interest rates or do what it did today was raise the reserve requirements. that takes out of the banking system most of the unlent mope. in other words, the excess reserves which the banks held have now been exhausted which means that the banks can only lend as fast as their deposits are growing. and, of course, earlier in the week, they increased interest rates slightly on the bills they were selling. so it's coming across a broad range, but it will go on. >> david, it's ross here. you say the credit bubble
, this is the man who recently turned down the top post at bank of america. we expect to ask robert kelly his thoughts on obama's new bank plan, how much his bank is lending and whether he sees a stable recovery in 2010. it's an interview you don't want to miss. you'll have it in about 30 minutes.  >>> at cnbc.com annoy, it was warned that capital flows into some emerging markets have created a risk of asset bubbles in certain commodity bubbles. >>> demand for the chinese government for higher capital reserves in some of the country's banks sent asian stocks lower across the board. >>> in u.s. government policies may instigate a fully fledged market crash warns dick bove at rockdale securities. read more at cnbc.com. >> welcome back to "worldwide exchange." right now, let's take a quick look at how gold and oil is trading right now. as for the gold price, this is how the picture is looking. right now, spot gold is trading just a little bit. there we go. under water, down about 6 bucks, $1,091 an ounce. a lot of concerns about what's going on in china and the china stor
have bank of america and goldman coming to an end so we see the banks not dining too well. at the moment, tuesdayen krup is doing very well. came through this morning with a note on the steel sector, very positive, indeed. and tuesdayen krup out here in germany and that helps the stock. is he what i see at the moment is more reaction to stock picks perhaps is what we're going to see. 2010 is supposed to be a bit of a turn around in the second half of the year, supposed to be very important to any kind of investors out there. let's see what is weighing on the dax right now. it's some of those markets not performing very well is to that nervousness in the market ahead of the figures from citi. daimler, down 1.7%. reason being nomura issued a note this morning downgrading from buy to hold and bmw, though, being upgraded from hold to buy so a bit of a switch in terms of their evaluation. infineon, down 1.56%. >> thanks very much for that, patricia. stephane is in paris with us. stephane, french groups have missed expectations in the first quarter. what's going on with the stoc
, on the move in latin america, something like that. >> i think it's probably early elvis that i like best, jailhouse rock, the vee va lass las vegas elvis. >> very good. >>> coming up on "worldwide exchange," south korea is taking measures to keep stimulus in support. but before we go, here is a quick look at how gold is trading. right now, down $12.85. pulling back, with $1,125.20 an ounce. >>> welcome back to "worldwide exchange." it's 43 minutes past the hour. in the evening here in singapore, you're looking at a beautiful weekend shot. and that means my weekend is just around the corner, guys. don't get jealous. let's cross live to tokyo. . affect ka kondo from the nikkei. >> thank you, christine. the dollar rose to a four-month high against the yen after the new finance minister naoto kan called for a weaker yen. the dollar cyclely gave up nervess gainses when the prime minister said this morning that the government should refrain from commenting on foreign exchange rates. but kan soon after reiterated preference for a weaker yen and hinted on willingness for a market intervention if
are secretly checking email on vacation. that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. right now get a free 3g/4g device for your laptop. sprint. the now network. deaf, hard-of-hearing and people with speech disabilities access www.sprintrelay.com. >>> welcome back to cnbc's "worldwide exchange." here are some of the top stories that we've been watching from around the world. first round bids are due today for the famed but perennially troubled mgm studios. the eventual winner will gain the rights to the james bond franchise, half the rights to the lord of rings movies. it can refocus gm on making movies again. last year, after it cut a deal with creditors to halt interest payments, there wasn't much cash left. so mgm had the release of only one movie, "235i78." the video game industry closed out a tough 2009 numbers. same of game consoles surgeoned. the nintendo wii, the top holiday seller. nintendo's new super mario brothers was amongst the top sellers. forget that war game, call of duty, that's supposed to be the big one
that the large banks, citigroup and bank of america, will be fairly attractive if we get a pullback. and that's what we're doing. on the other side, we have energy. that seems to be the wild card here. >> marineo, we are all waited with bated breath on these jobs figures. but you don't see real trends that will lead to an economic recovery while we have jobs perhaps. >> i would tend to agree with bernie in the sense that these figures all going to be material for how we do invest in the future. the economy is going to remain week, a jobless recovery. i don't expect any news to reappear before 2011, 2012, to say the lead. top line is not growing, buyers are not there and again, something very few people have mentioned, the deleveraging process for households has not even started or has barely started. so i continue to see a retrenchment of the u.s. based consumer. and the asian consumer is not ready to take over just yet. >> bernie, this is christine. the dollar is on a weakening trend. with that in mind, are you more bullish on the u.s. equity porters. i don't know that it's good for the econ
anywhere. and in america, american companies need to make a principle stand. >> joining us now is jared cohen, u.s. state department official who can talk to us about this plan. jared, thanks so much for joining us this morning. the chinese have fired back this morning saying we urge the united states to stop using freedom of the internet to make unjustified acquisition sas against china. is the u.s. signaling here, the state department signaling that china may very well be behind these attacks on google? >> obviously, google's announcement vis-a-vis china caught our attention. we look forward to the governor of china conducting a thorough review of what led google to actually make this announcement and we hope that that review will be as transparent as possible. but the speech secretary clinton gave yesterday was a major policy address on internet freedom. we don't have an internet freedom policy against certain countries. the secretary of state yesterday gave an address which talked about the status or state of internet freedom all around the world. while china was one of many countri
in 2010 but aren't sure where you're headed, check out our slideshow, the 10 best jobs in america. this is one of them .it's not up for grabs. but that's on cnbc.com. if you've got other suggestions, be sure to drop us a line at worldwide@cnbc.com. ross. >> yeah. we are fortunate in what we do. still to come, the latest trading updates show british retailers had a fairly bright christmas on the whole. is that the boost you need to have exited recession? we'll find out. t1hhhhh+%+%+%i >>> you're watching cnbc's "worldwide exchange." the snow is gone and has been replaced by our favorite, rain. 9:17 is the london time. 10:17 of course in central europe. as far as markets are concerned, very much eyes on what the ecb has to say today. ahead of that, 10-year bund yield nudging up a little bit to 3.32%. as far as 10-year treasuries are concerned, we're nudged down slightly, 3.78%. we've got data coming out today on retail sales and weekly jobless claims, so the slide, a little bit of a pause from the previous day. what about the currency markets? christine has the update on that. >>
crisis in the united states. and david walker, america's top accountant and president and ceo of the peterson foundation, he will be ur guest host for two hours today. he'll be sounding off on government spending and health care reform. what it means four our pocketbooks and more importantly for our children's pocketbooks. we've got all that plus an all-star lineup for strategists in the economy in this new year. "squawk box" is coming up at the top of the hour and steve, we'll send it back over to you. >> thank you very much for that, indeed. >>> let's pick up on that adp employment report. so big focus on jobs today with adp at 8:15. then we get ism at 10:00. what are you looking for today? what would be a number that would convince you that maybe we're starting to get a little traction? >> well, bertha, again, you know, we need to see these numbers start to flip to the positive side. but it's not enough just to see positive job growth here. again, you know, you get 100,000, 150,000 jobs, that's what we need just to absorb new entrants into the labor market. these numbers ha
western europe and north america and that is the depth of manufacturing. we have to determine what industries will take over for manufacturing in the western world and we have to put our money into there and that means doing your research and it comes down to fundamentals of investing instead of just technicians. >> ralph, one of the things we've got to be better savers and yet demand needs to come back to continue to fuel this growth. do you see that coming back this year? >> i do see a demand coming back but not in every area. i think we're going to need new refrigerators and new ovens and new cars because we've gone as far as we can with those particular types of items. we'll see an upswing this that. i think consumer electronics and thinks we'll see a flat year in 2010. people are nervous in financial services industry. brands recover in a seven-year period and not a one-year period so we'll have at least the beginning to about the third quarter of this year people will be nervous and we won't see that luxury spend as it is. we'll see spend. that means we'll see some kind of re
it was a year ago at this time. credit availability down in latin america than it was a year ago at this time. >> there's print more to come here in davos, including what was put on for the general in a big way is relief here among those attending the annual meeting for haiti. we'll find out how that is going down with members. for the moment, though, i'll hand it over. >> good stuff, ross. thank you very much. >>> coming up on "worldwide exchange," a major, major day for president obama as he delivers his state of the union at 9:00 p.m. eastern time, expected, of course, to focus even more on the jobs situation here in the states. we'll have analysis throughout the entire show. >>> welcome back to "worldwide exchange." let's get to our guest host for the entire two hours from hong kong, senior investment strategist from bnp paribas. andrew, great to have you with us. lots of issues coming out from china. we have the governor of the bank of china talking about tightening and stable renminbi. what are your thoughts about china? >> my thoughts about china are the following. the peoples bank of
. that's happening now. america's most dependable 3g network. bringing you the first and only wireless 4g network. right now get a free 3g/4g device for your laptop. sprint. the now network. deaf, hard-of-hearing and people with speech disabilities access www.sprintrelay.com. >>> let's take a live look at times square here at 5:20 a.m. new york time. it is wet, 52 degrees, so very warm for this time of year. >> let's take a check on how the u.s. markets are likely to open today. let's get the boards up and show you what the futures are doing. we could see a bit of a gain, actually, in the start of trading for each of the major indexes, the dow, nasdaq and the s&p 500. we did see equity markets last week taking something of a hammering. we had the obama bank stuff happening. let's see how much of a bounceback we get today. it's a busy week ahead with housing, consumer confidence. durable goods and the estimates on fourth quarter gdp, as well. investors will be watching wednesday's fed meeting and president obama's state of the union address which is happening on wednesday night. so plenty
Search Results 0 to 16 of about 17